A cooling off period is the right of a purchaser of property to cancel the agreement within 5 working days. It offers some protection to purchasers that may have rushed into a contract to purchase property and can be used to finalise financial arrangements and to carry out building, pest and strata inspections. Canceling the agreement (or rescinding, as it is known) will cost the purchaser 0.25% of the total purchase price. The cooling off period does not always apply (at auction, for example) and can be waived providing a 66W certificate is signed by a conveyancer who has briefed his or her client with regard to the implications involved of waiving the cooling off period.

Last updated on September 21, 2011 by Webmaster